SunPower Corp
.
SPWR
reported first-quarter 2021 adjusted earnings of 5 cents per share, which surpassed the Zacks Consensus Estimate of break-even. The company had incurred a loss of 10 cents per share a year ago.
Excluding one-time adjustments, the company incurred a GAAP loss of 28 cents per share, wider than the prior-year quarter’s loss of a penny.
Operational Results
During the quarter under review, SunPower’s adjusted revenues came in at $306.4 million, surpassing the Zacks Consensus Estimate of $305 million by a mere 0.1%. Moreover, the top line improved 5.5% from the year-ago quarter’s $290.5 million. The year-over-year upside in revenues can be primarily attributed to higher sales of solar power systems, components and solar services.
Furthermore, total operating expenses in the quarter increased 6.8% year over year to $53.2 million. Notably, higher sales, general and administrative expenses and restructuring charges led to the increase.
SunPower Corporation Price, Consensus and EPS Surprise
Financial Position
SunPower had cash and cash equivalents of $213.1 million as of Apr 4, 2021, compared with $232.8 million as of Jan 3, 2021.
Long-term debt was $86.4 million as of Apr 4, 2021, compared with $56.4 million as of Jan 3, 2021.
In the first quarter, net cash outflow from operating activities totaled $40.4 million compared with the year-ago quarter’s $179.5 million.
Q2 Outlook
For second-quarter 2021, the company expects to generate adjusted revenues of $295-$345 million. The Zacks Consensus Estimate for the same is pegged at $340.3 million, which lies near the higher end of the company’s guided range.
Zacks Rank
SunPower currently carries a Zacks Rank #3 (Hold). You can see
the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
.
Recent Solar Releases
Enphase Energy, Inc
.
ENPH
reported first-quarter 2021 adjusted earnings of 56 cents per share, which surpassed the Zacks Consensus Estimate of 41 cents by 36.6%.
First Solar Inc
.
FSLR
reported first-quarter 2021 adjusted earnings of $1.96 per share, which surpassed the Zacks Consensus Estimate of $1.00 by 96%.
SolarEdge Technologies, Inc
.
SEDG
reported first-quarter 2021 adjusted earnings of 98 cents per share, which missed the Zacks Consensus Estimate of $1.01 by 3%.
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